Magna files second bid for Chrysler

UPDATE Canadian auto parts maker Magna International Inc. would not go into debt to finance the purchase of a stake in DaimlerChrysler's struggling Chrysler division, Canada's The Globe and Mail newspaper reported on Wednesday. The Globe and Mail said Magna (Charts) Chairman Frank Stronach expects a decision regarding the potential purchase to be made during the next few weeks. Magna has reached a partnership deal with Canadian buyout firm Onex Corp. in its bid to buy a stake in Chrysler, The Globe and Mail reported.

05/03/07 Magna International Inc. wants to go to the next round in its attempt to buy the Chrysler Group.

The Canadian auto-parts supplier filed its new bid Tuesday, seeking to become a finalist to buy the struggling Auburn Hills automaker, the Free Press has learned.

It was unclear when or whether private equity suitors Blackstone Group and Cerberus Capital Management made their bids, though the Free Press has been told the two groups are still in the hunt.

DaimlerChrysler is expected to decide as early as this week — though possibly not until next week — who gets to continue the due diligence and negotiation process.

Representatives for all of the groups declined comment Wednesday.

"Everything is still going. All options are still open," DaimlerChrysler spokesman Han Tjan said.